Finance Tools
Debt Avalanche Calculator
Use the debt avalanche method to pay off debts by focusing on the highest interest rate first and minimizing total interest paid.
Use the debt avalanche method: pay minimums on all debts and put all extra money toward the highest interest rate first. This usually reduces total interest paid compared to the snowball method.
How to use this debt avalanche calculator
- Enter your total monthly budget for debt payments.
- List each debt with its name, current balance, APR, and minimum monthly payment.
- Click Calculate to simulate the debt avalanche method.
- Review the payoff time, total interest, and the order in which debts are paid off.
Example
For multiple credit cards and loans with different rates and balances, this calculator shows:
- How long it will take to pay off all debts using the avalanche method.
- The total interest you will pay over the payoff period.
- The order in which each debt is paid off when you always target the highest rate first.
More tools in Finance Tools
- Debt Snowball Calculator
Use the debt snowball method to see how quickly you can pay off multiple debts using a fixed monthly budget.
- Credit Card Payoff Calculator
Estimate how long it will take to pay off a credit card based on balance, APR, and monthly payment.
- Balance Transfer Calculator
Compare the cost of staying with your current credit card versus moving your balance to a new card with an introductory APR and transfer fee.
- Credit Card APR Savings Calculator
Estimate how much interest you could save by reducing your credit card APR, based on balance, payments, and payoff timeline.